The Tories are echoing some of the thoughts expressed by industry after not a single bid came forth for 41 parcels of land offshore Newfoundland.

Energy NL says while the lack of bids in the current exploration round was not unexpected, it is a serious concern—and it’s pointing to a “complex, inconsistent and burdensome regulatory system” as a significant contributing factor.

CEO Charlene Johnson says examples of that regulatory uncertainty include the oil and gas emission cap regulations.

The shadow minister for energy, Lloyd Parrott, says the Liberals need to take immediate action and stop putting their political allegiance to the Liberals in Ottawa ahead of the best interest of the province.

Oil projects outside our economic protective zone, such as Bay du Nord, will be subject to financial penalty under the Law of the Sea yet nobody knows who would be on the hook for it: the province, Ottawa or the companies.

Parrott says it’s up to the provincial government to at least initiate some discussion on the matter.

He says that’s a prime example of the lack of support from both the federal and provincial governments, and equivalent to hanging a sign on the door saying ‘we’re no longer open for business’.”